Using currency to purchase from sellers that do not recognize the currency

ABSTRACT

Processing transactions involving participants that do not support the same currency generally involves incrementing and decrementing currencies associated with the participants. This allows the participants to participate in transactions where they would not ordinarily be able to do so. A request is received from a first participant to process a transaction using a first currency that is not recognized by a second participant in the transaction. In response to receiving the request from the first participant, an amount of the first currency associated with the first participant is decremented. Also in response to receiving the request from the first participant, an amount of second currency associated with the first participant is incremented. The second participant recognizes the second currency. The transaction is processed using the amount of second currency associated with the first participant.

This application claims the benefit of U.S. Provisional Applicationentitled “Using Private Currency To Purchase From Vendors That Do NotRecognize The Private Currency”, No. 60/203,422, filed May 10, 2000. Theentire content of this provisional application is hereby incorporated byreference for all purposes.

FIELD OF THE INVENTION

The present invention relates generally to information management, andmore specifically, to an approach for processing transactions involvingprivate currency.

BACKGROUND OF THE INVENTION

Many types of “private currencies” are currently in use. A privatecurrency refers to anything, controlled by a non-sovereign entity, whichcan be used to “purchase” all or part of some good or service. A vendoris said to “recognize” a private currency if the vendor accepts theprivate currency as payment, or partial payment, for a good or service.One example of a private currency is “frequent flyer miles” awarded byairlines that may be used in lieu of, or in combination with, legaltender to pay for airfares. As another example, many cereal companiesallow children to purchase toys using “proof of purchase” coupons fromcereal boxes. As yet another example, many Internet-based companiesaward points to users for viewing advertisements or visiting particularsites and allow the points to be spent on selected items.

Typically, a company that employs private currency does so to create anincentive for individuals to perform certain acts that benefit thecompany. Since those acts only benefit the company, the company thatcontrols the private currency is frequently the only entity thatrecognizes the private currency. For example, one airline typically willnot recognize frequent flyer miles that have been granted by a competingairline. Similarly, airfares typically cannot be purchased with “proofof purchase” coupons off cereal boxes of unrelated companies.

To increase the value of a private currency, a company that controls theprivate currency may enter agreements with other companies,contractually obligating those other companies to recognize, at leastunder certain conditions, the value of their private currency. However,such arrangements may be difficult and costly to negotiate, monitor andmaintain.

The perceived value of private currency is significantly diminished dueto the extremely limited number of sources that recognize the currency.For example, it is not uncommon for recipients of private currency toconsider it worthless because they are not interested in anything onwhich it may be spent. If a private currency is considered to be oflittle value by those for whom it is supposed to be an incentive, it hasceased to serve its purpose.

Based on the foregoing, an approach for processing transactions thatallows a participant to use private currency that is not recognized byanother participant in the transaction is highly desirable.

SUMMARY OF THE INVENTION

According to one aspect of the invention, a method is provided forprocessing a transaction. The method includes receiving, from a firstparticipant in the transaction, a request to process the transactionusing a first currency that is not recognized by a second participant inthe transaction. In response to receiving the request from the firstparticipant, an amount of the first currency associated with the firstparticipant is decremented and an amount of second currency associatedwith the first participant is incremented, wherein the second currencyis recognized by the second participant. The transaction is thenprocessed using the amount of second currency associated with the firstparticipant.

According to another aspect of the invention, an apparatus is providedfor processing a transaction. The apparatus comprises an input/outputmechanism and a transaction processor communicatively coupled to theinput/output mechanism. The input/output mechanism is configured toreceive, from a first participant in the transaction, a request toprocess the transaction using a first currency that is not recognized bya second participant in the transaction. The transaction processor isconfigured to in response to receiving the request from the firstparticipant, decrement an amount of the first currency associated withthe first participant, and increment an amount of second currencyassociated with the first participant, wherein the second currency isrecognized by the second participant. The transaction processor isfurther configured to process the transaction using the amount of secondcurrency associated with the first participant.

According to another aspect of the invention, a method is provided forallowing a user to use private currency provided by a particular entityto make purchases from a vendor that does not recognize the privatecurrency. According to the method a first account and a second accountare established for the user. The first account indicates an amount ofthe private currency and the second account indicates an amount for atype of currency that is recognized by the vendor. The user expresses aninterest in making a purchase from the vendor. Based on an exchangeformula, the amount in the first account is decremented and the amountin the second account is incremented. Finally, the currency from thesecond account is used to pay for at least part of the purchase.

BRIEF DESCRIPTION OF THE DRAWINGS

Embodiments of the invention are illustrated by way of example, and notby way of limitation, in the figures of the accompanying drawings and inwhich like reference numerals refer to similar elements and in which:

FIG. 1 is a flow diagram of an approach for processing a transactionaccording to an embodiment of the invention;

FIG. 2A is a block diagram of an arrangement for processing transactionsaccording to an embodiment of the invention;

FIG. 2B is a block diagram of an arrangement for processing transactionsaccording to another embodiment of the invention; and

FIG. 3 is a block diagram of a computer system upon which embodiments ofthe invention may be implemented.

DETAILED DESCRIPTION OF THE INVENTION

In the following description, for the purposes of explanation, specificdetails are set forth in order to provide a thorough understanding ofthe invention. However, it will be apparent that the invention may bepracticed without these specific details. In other instances, well-knownstructures and devices are depicted in block diagram form in order toavoid unnecessarily obscuring the invention.

Various aspects of the invention are described in more detailhereinafter in the following sections: (1) functional overview; (2)architecture overview; (3) determining currency amounts; (4) atomictransactions; and (5) implementation mechanisms.

1. Functional Overview

FIG. 1 is a flow diagram 100 of an approach for processing a transactionaccording to an embodiment of the invention. After starting in step 102,in step 104, a request is received from a first participant to process atransaction using a first currency that is not recognized by a secondparticipant in the transaction. In response to receiving the requestfrom the first participant, in step 106, an amount of the first currencyassociated with the first participant is decremented. Also in responseto receiving the request from the first participant, in step 108, anamount of second currency associated with the first participant isincremented. The second currency is recognized by the secondparticipant. In step 110, the transaction is processed using at least aportion of the amount of second currency associated with the firstparticipant. The process is complete in step 112. The foregoing approachallows the participants to use the first currency in transactions wherethey would not ordinarily be able to do so.

2. Architecture Overview

FIG. 2A is a block diagram of an arrangement 200 for processingtransactions according to an embodiment of the invention. Arrangement200 includes participants 202, 204 and an intermediary 206. Participant202 is communicatively coupled to intermediary 206 via a communicationslink 208. Participant 204 is communicatively coupled to intermediary 206via a communications link 210. Communications links 208, 210 may beimplemented by any medium or mechanism that provides for the exchange ofdata between participant 202 and intermediary 206 and betweenparticipant 204 and intermediary 206, respectively. Examples ofcommunications links 208, 210 include, without limitation, any number ofnetworks, such as Local Area Networks (LANs), Wide Area Networks (WANs),Ethernets or the Internet, or one or more terrestrial, satellite orwireless links.

Participant 202 desires to be involved in a transaction with 204. In thepresent example, participant 202 desires that the transaction beprocessed using a first currency. Participant 204 recognizes a secondcurrency, but not the first currency. Participant 202 sends tointermediary 206, over communications link 208, a request to process atransaction using the first currency. In response to receiving therequest from participant 202, intermediary 206 performs two functions.First, intermediary 206 decrements an amount of first currencyassociated with participant 202. Intermediary 206 also increments anamount of second currency associated with participant 202. As previouslydescribed, the second currency is recognized by participant 204. Thetransaction is then processed using at least a portion of the amount ofsecond currency associated with participant 202. Thus, the transactionis processed in the currency that each participant 202, 204 recognizes.That is, from the perspective of participant 202, the transaction isprocessed using the first currency. Similarly, from the perspective ofparticipant 204, the transaction is processed using the second currency.Participants 202, 204 may also communicate directly with each other fora variety of purposes, for example to negotiate transaction fulfillmentinformation.

For purposes of explanation, embodiments of the invention are describedin the context of processing transactions involving two participants,namely participants 202, 204. The invention, however, is not limited toany particular number of participants. For example, according to oneembodiment of the invention, participant 202 generates and provides tointermediary 206, a request to process a second transaction with thirdparticipant (not illustrated) using the first currency. In this example,the third participant does not recognize the first currency butrecognizes a third currency. In response to receiving the request fromthe first participant, intermediary 206 decrements an amount of thefirst currency associated with participant 202. Intermediary 206 alsoincrements an amount of third currency associated with participant 202.The transaction is then processed using at least a portion of the amountof third currency associated with participant 202.

3. Determining Currency Amounts

The amount of first and second currencies associated with participant202 that are decremented and incremented, respectively, may bedetermined in a variety of ways and the invention is not limited to anyparticular approach. According to one embodiment of the invention, theamount of second currency that is incremented is based upon the amountof first currency that is decremented, which may be selected byparticipant 202.

Consider the following example. Suppose that the first currency is aprivate currency, such as frequent flyer miles for a particular airline.Suppose further that participant 202 wishes to use some or all of theiraccumulated frequent flyer miles to purchase a particular product orservice from participant 204. Participant 204 does not recognize thefrequent flyer miles of the particular airline as currency. In thisexample, participant 202 requests that the transaction be processedusing the first currency, i.e., using some or all of their accumulatedfrequent flyer miles with the particular airline. The request may begenerated in a variety of ways and the invention is not limited to anyparticular approach for generating the request. For example, participant202 may use a generic Web browser executing on a client to view a Webpage containing a “buy with frequent flyer miles” button. Participant's202 selection of the “buy with frequent flyer miles” button causes arequest to process the transaction using participant's 202 accumulatedfrequent flyer miles with the particular airline to be generated andsent to intermediary 206.

In response to receiving the request from participant 202, intermediary206 determines the amount of frequent flyer miles that are required toprocess the transaction and decrements an amount of the frequent flyermiles (first currency) associated with participant 202. Alternatively,the request from participant 202 may specify an amount of the frequentflyer miles to be used for the transaction. For example, the Web pageviewed by participant 202 may specify the number of frequent flyer milesrequired to purchase a particular product or service. Intermediary 206determines a corresponding amount of the second currency to beincremented in association with participant 202. The transaction is thenprocessed using at least a portion of the amount of second currencyassociated with participant 202. For example, if the second currency isUnited States Dollars (USD), intermediary determines an amount of USDsto be incremented for participant 202.

According to one embodiment of the invention, intermediary 206 maintainsfirst and second currency accounts 212, 214, respectively, forparticipant 202. First currency account 212 maintains the amount offirst currency associated with participant 202. Second currency account214 maintains the amount of second currency associated with participant202. Thus, in the prior example, the amount of first currency associatedwith participant 202 that is decremented is decremented from firstcurrency account 212. Conversely, the amount of second currencyassociated with participant 202 that is incremented is incremented tosecond currency account 214. The transaction is processed using secondcurrency account 214. For example, participant 204 may be givenauthority to process a transaction using second currency from secondcurrency account 214.

The particular approach used to determine the amounts of first andsecond currency associated with participant 202 that are to bedecremented and incremented, respectively, may vary depending upon therequirements of a particular application and the invention is notlimited to any particular approach. For example, a conversion formulamay be used to convert between the first and second currencies.According to one embodiment of the invention, the amount of secondcurrency to be incremented is determined based upon a set of one or moreconversion criteria. The set of one or more conversion criteria may beused to select a particular conversion formula. The invention is notlimited to any particular conversion criteria and the conversioncriteria may vary depending upon the requirements of a particularapplication. Example conversion criteria include, without limitation,one or more attributes of participant 202, one or more attributes ofparticipant 204, one or more attributes of the transaction, a time atwhich participant 202 makes the request and which products or servicesare involved in the transaction.

One example attribute of participant 202 is a class of participant 202.For example, participant 202 may be classified as either a bronze,silver or gold class participant and the particular conversion formulaapplied is based upon the class of participant 202. Thus, if participant202 is in the gold class, then a better conversion formula is appliedthan if participant 202 was in the bronze class, meaning that for a goldclass participant, each unit of the first currency translates into arelatively greater number of units in the second currency. One exampleattribute of participant 204 is a class to which participant 204belongs. For example, in the situation where participant 204 is amerchant, then participant 204 may belong to a particular class ofmerchants. In this situation, the particular conversion formula appliedis based upon the class of merchants to which participant 204 belongs.

4. Atomic Transactions

According to one embodiment of the invention, the steps of decrementingan amount of the first currency and incrementing an amount of the secondcurrency associated with participant 202 are performed as an atomictransaction. This means that either both steps are performed, or neitherstep is performed. This avoids creating an inconsistent result byperforming only one of the steps. A variety of techniques may be used todecrement an amount of the first currency and increment an amount of thesecond currency as an atomic transaction and the invention is notlimited to any particular approach. One example technique is “two phasecommit.”

According to one embodiment of the invention, performing theaforementioned steps as an atomic transaction includes “freezing” theamount of the first currency associated with participant 202 that isdecremented. According to one embodiment of the invention, frozencurrency is either permanently deducted when the transaction issuccessfully completed, or is unfrozen if a determination is made thatthe transaction cannot be successfully completed.

Consider the following example. Participant 202 submits to intermediary206 a request to purchase a widget from participant 204 using onehundred red points (first currency) that participant 202 has earned fromthe entity that controls red points. In response to receiving therequest from participant 202, intermediary 206 freezes one hundred redpoints in first currency account 212. The one hundred red points infirst currency account 212 that are frozen cannot be used for any othertransaction. Intermediary 206 increments an amount in second currencyaccount 214. In the present example, it is presumed that the secondcurrency is USD. Intermediary applies a conversion of one hundred redpoints to USD and determines that second currency account 214 is to beincremented by ten USDs. The transaction is then processed using the tenUSDs in second currency account 214. If the transaction is successfullyprocessed, then the one hundred frozen red points in first currencyaccount 212 are permanently deducted from first currency account 212. Onthe other hand, if the transaction cannot be successfully processed,then the one hundred frozen red points in currency account 212 areunfrozen and may be used for other transactions.

5. Implementation Mechanisms

The approach for processing transactions described herein may beimplemented in a wide variety of applications and contexts. For example,any type of intermediary 206 may be used. The functions performed byintermediary 206 as described herein may be integrated into any type oftransaction processing mechanism. Alternatively, intermediary 206 may beimplemented as a stand-alone mechanism that interacts with othertransaction processing mechanisms.

FIG. 2B is a block diagram of an arrangement 250 for processingtransactions according to an embodiment of the invention. Arrangement250 includes a credit entity 216 that is communicatively coupled tointermediary 206 via a communications link 218. Credit entity 216 iscommunicatively coupled to participants 202, 204 via communicationslinks 220, 222, respectively. In this embodiment, credit entity 216maintains first and second currency accounts 212, 214. Intermediary 206processes requests from participant 202 and instructs credit entity 218on the amount by which first currency account 212 is to be decrementedand the amount by which second currency account 214 is to beincremented. Intermediary 206 may also instruct credit entity 216regarding freezing and unfreezing amounts in first currency account 212.Intermediary 206 may also instruct credit entity 216 to permanentlydecrement frozen amounts from first currency account 212.

Participant 202 may communicate directly with credit entity 216 overcommunications link 220 regarding balances in first and second currencyaccounts 212, 214. Participant 222 may communicate directly with creditentity 216 over communications link 222 regarding the balance of secondcurrency account 214, for example to receive payment in the secondcurrency for a good or services purchased by participant 202 in thefirst currency.

The approach may be implemented in hardware circuitry, in computersoftware, or a combination of hardware circuitry and computer softwareand the invention is not limited to a particular hardware or softwareimplementation.

FIG. 3 is a block diagram that illustrates a computer system 300 uponwhich an embodiment of the invention may be implemented. Computer system300 includes a bus 302 or other communication mechanism forcommunicating information, and a processor 304 coupled with bus 302 forprocessing information. Computer system 300 also includes a main memory306, such as a random access memory (RAM) or other dynamic storagedevice, coupled to bus 302 for storing information and instructions tobe executed by processor 304. Main memory 306 also may be used forstoring temporary variables or other intermediate information duringexecution of instructions to be executed by processor 304. Computersystem 300 further includes a read only memory (ROM) 308 or other staticstorage device coupled to bus 302 for storing static information andinstructions for processor 304. A storage device 310, such as a magneticdisk or optical disk, is provided and coupled to bus 302 for storinginformation and instructions.

Computer system 300 may be coupled via bus 302 to a display 312, such asa cathode ray tube (CRT), for displaying information to a computer user.An input device 314, including alphanumeric and other keys, is coupledto bus 302 for communicating information and command selections toprocessor 304. Another type of user input device is cursor control 316,such as a mouse, a trackball, or cursor direction keys for communicatingdirection information and command selections to processor 304 and forcontrolling cursor movement on display 312. This input device typicallyhas two degrees of freedom in two axes, a first axis (e.g., x) and asecond axis (e.g., y), that allows the device to specify positions in aplane.

The invention is related to the use of computer system 300 forprocessing transactions. According to one embodiment of the invention,the processing of transactions is provided by computer system 300 inresponse to processor 304 executing one or more sequences of one or moreinstructions contained in main memory 306. Such instructions may be readinto main memory 306 from another computer-readable medium, such asstorage device 310. Execution of the sequences of instructions containedin main memory 306 causes processor 304 to perform the process stepsdescribed herein. One or more processors in a multi-processingarrangement may also be employed to execute the sequences ofinstructions contained in main memory 306. In alternative embodiments,hard-wired circuitry may be used in place of or in combination withsoftware instructions to implement the invention. Thus, embodiments ofthe invention are not limited to any specific combination of hardwarecircuitry and software.

The term “computer-readable medium” as used herein refers to any mediumthat participates in providing instructions to processor 304 forexecution. Such a medium may take many forms, including but not limitedto, non-volatile media, volatile media, and transmission media.Non-volatile media includes, for example, optical or magnetic disks,such as storage device 310. Volatile media includes dynamic memory, suchas main memory 306. Transmission media includes coaxial cables, copperwire and fiber optics, including the wires that comprise bus 302.Transmission media can also take the form of acoustic or light waves,such as those generated during radio wave and infrared datacommunications.

Common forms of computer-readable media include, for example, a floppydisk, a flexible disk, hard disk, magnetic tape, or any other magneticmedium, a CD-ROM, any other optical medium, punch cards, paper tape, anyother physical medium with patterns of holes, a RAM, a PROM, and EPROM,a FLASH-EPROM, any other memory chip or cartridge, a carrier wave asdescribed hereinafter, or any other medium from which a computer canread.

Various forms of computer readable media may be involved in carrying oneor more sequences of one or more instructions to processor 304 forexecution. For example, the instructions may initially be carried on amagnetic disk of a remote computer. The remote computer can load theinstructions into its dynamic memory and send the instructions over atelephone line using a modem. A modem local to computer system 300 canreceive the data on the telephone line and use an infrared transmitterto convert the data to an infrared signal. An infrared detector coupledto bus 302 can receive the data carried in the infrared signal and placethe data on bus 302. Bus 302 carries the data to main memory 306, fromwhich processor 304 retrieves and executes the instructions. Theinstructions received by main memory 306 may optionally be stored onstorage device 310 either before or after execution by processor 304.

Computer system 300 also includes a communication interface 318 coupledto bus 302. Communication interface 318 provides a two-way datacommunication coupling to a network link 320 that is connected to alocal network 322. For example, communication interface 318 may be anintegrated services digital network (ISDN) card or a modem to provide adata communication connection to a corresponding type of telephone line.As another example, communication interface 318 may be a local areanetwork (LAN) card to provide a data communication connection to acompatible LAN. Wireless links may also be implemented. In any suchimplementation, communication interface 318 sends and receiveselectrical, electromagnetic or optical signals that carry digital datastreams representing various types of information.

Network link 320 typically provides data communication through one ormore networks to other data devices. For example, network link 320 mayprovide a connection through local network 322 to a host computer 324 orto data equipment operated by an Internet Service Provider (ISP) 326.ISP 326 in turn provides data communication services through theworldwide packet data communication network now commonly referred to asthe “Internet” 328. Local network 322 and Internet 328 both useelectrical, electromagnetic or optical signals that carry digital datastreams. The signals through the various networks and the signals onnetwork link 320 and through communication interface 318, which carrythe digital data to and from computer system 300, are exemplary forms ofcarrier waves transporting the information.

Computer system 300 can send messages and receive data, includingprogram code, through the network(s), network link 320 and communicationinterface 318. In the Internet example, a server 330 might transmit arequested code for an application program through Internet 328, ISP 326,local network 322 and communication interface 318. In accordance withthe invention, one such downloaded application provides for theprocessing of transactions as described herein.

The received code may be executed by processor 304 as it is received,and/or stored in storage device 310, or other non-volatile storage forlater execution. In this manner, computer system 300 may obtainapplication code in the form of a carrier wave.

The approach described herein for processing transactions provides manyadvantages over prior approaches. First, the approach allows aparticipant to conduct a transaction using a currency that is notrecognized by another participant. This is particularly beneficial forthe many numbers of private currencies, e.g., award points, that arecurrently in use and that will be in use in the future. Moreover, theapproach may be implemented transparent to all participants. This avoidsparticipants having to invest significant financial and human laborresources to upgrade their transaction processing to support multiplecurrencies that may change very rapidly. Thus, the approach is ideallysuited for use over communications networks, such as the Internet, wheremany proprietary, i.e., private, currencies are used.

In the foregoing specification, the invention has been described withreference to specific embodiments thereof. However, variousmodifications and changes may be made thereto without departing from thebroader spirit and scope of the invention. The specification anddrawings are, accordingly, to be regarded in an illustrative senserather than a restrictive sense.

What is claimed is:
 1. A computer-implemented method of processing atransaction comprising: receiving, at an intermediary computer, from aclient device associated with a first participant in the transaction, arequest to process the transaction using a first currency that is notrecognized by a second participant in the transaction, wherein theclient device is operatively connected to the intermediary computer viaa communications link, and wherein the first currency comprises aprivate currency; decrementing, by the intermediary computer, an amountof the first currency associated with the first participant bydecrementing a balance of a first currency account of the firstparticipant maintained at the intermediary computer; incrementing, bythe intermediary computer, an amount of second currency associated withthe first participant by incrementing a balance of a second currencyaccount of the first participant maintained at the intermediarycomputer, wherein the second currency is recognized by the secondparticipant; and processing the transaction using the amount of secondcurrency associated with the first participant; wherein the amount ofsecond currency incremented by the intermediary computer is determinedbased upon at least a set of one or more conversion criteria; andwherein the set of one or more conversion criteria includes a time atwhich the request from the first participant is received.
 2. The methodas recited in claim 1, wherein the amount of second currency incrementedby the intermediary computer is determined based upon at least theamount of first currency decremented by the intermediary computer. 3.The method as recited in claim 1, wherein the set of one or moreconversion criteria includes one or more attributes of the firstparticipant.
 4. The method as recited in claim 1, wherein the set of oneor more conversion criteria includes one or more attributes of thesecond participant.
 5. The method as recited in claim 1, wherein the setof one or more conversion criteria includes one or more attributes ofthe transaction.
 6. The method as recited in claim 5, wherein the set ofone or more conversion criteria includes which products or services areinvolved in the transaction.
 7. The method as recited in claim 1,wherein decrementing the balance of the first currency account andincrementing the balance of the second currency account are performed asan atomic transaction.
 8. The method as recited in claim 1, furthercomprising incrementing the balance of the first currency account of thefirst participant by the amount of first currency that was previouslydecremented if the transaction is not successfully processed.
 9. Themethod as recited in claim 8, further comprising decrementing thebalance of the second currency account of the first participant by theamount of second currency that was previously incremented.
 10. Themethod as recited in claim 1, further comprising: receiving, at theintermediary computer, a request to process a second transactioninvolving the first participant and a third participant using the firstcurrency that is not recognized by the third participant; decrementing,by the intermediary computer, an additional amount of the first currencyassociated with the first participant; incrementing, by the intermediarycomputer, an amount of third currency associated with the firstparticipant, wherein the third currency is recognized by the thirdparticipant; and processing the second transaction using the amount ofthe third currency.
 11. A computer-readable medium includingcomputer-executable instructions for processing a transaction, theinstructions operable when executed by one or more processors to causethe one or more processors to: receive, at an intermediary computer,from a first participant in the transaction, a request to process thetransaction using a first currency that is not recognized by a secondparticipant in the transaction, wherein the first currency comprises aprivate currency; decrement, by the intermediary computer, an amount ofthe first currency associated with the first participant by decrementinga balance of a first currency account of the first participantmaintained at the intermediary computer; increment, by the intermediarycomputer, an amount of second currency associated with the firstparticipant by incrementing a balance of a second currency account ofthe first participant maintained at the intermediary computer, whereinthe second currency is recognized by the second participant; and processthe transaction using the amount of second currency associated with thefirst participant; wherein the amount of second currency incremented bythe intermediary computer is determined based upon at least a set of oneor more conversion criteria; and wherein the set of one or moreconversion criteria includes a time at which the request from the firstparticipant is received.
 12. The computer-readable medium as recited inclaim 11, wherein the amount of second currency incremented by theintermediary computer is determined based upon at least the amount offirst currency decremented by the intermediary computer.
 13. Thecomputer-readable medium as recited in claim 11, wherein the set of oneor more conversion criteria includes one or more attributes of the firstparticipant.
 14. The computer-readable medium as recited in claim 11,wherein the set of one or more conversion criteria includes one or moreattributes of the second participant.
 15. The computer-readable mediumas recited in claim 11, wherein the set of one or more conversioncriteria includes one or more attributes of the transaction.
 16. Thecomputer-readable medium as recited in claim 15, wherein the set of oneor more conversion criteria includes which products or services areinvolved in the transaction.
 17. The computer-readable medium as recitedin claim 11, wherein decrementing the balance of the first currencyaccount and incrementing the balance of the second currency account areperformed as an atomic transaction.
 18. The computer-readable medium asrecited in claim 11, further comprising computer-executable instructionswhich, when executed by the one or more processors, cause the one ormore processors to increment the balance of the first currency accountof the first participant by the amount of first currency that waspreviously decremented if the transaction is not successfully processed.19. The computer-readable medium as recited in claim 18, furthercomprising computer-executable instructions which, when executed by theone or more processors, cause the one or more processors to decrementthe balance of the second currency account of the first participant bythe amount of second currency that was previously incremented.
 20. Thecomputer-readable medium as recited in claim 11, further comprisingcomputer-executable instructions which, when executed by the one or moreprocessors, cause the one or more processors to: receive, at theintermediary computer, from the first participant, a request to processa second transaction involving the first participant and a thirdparticipant using the first currency that is not recognized by the thirdparticipant; decrement, by the intermediary computer, an additionalamount of the first currency associated with the first participant;increment, by the intermediary computer, an amount of third currencyassociated with the first participant, wherein the third currency isrecognized by the third participant; and process the second transactionusing the amount of the third currency.
 21. An apparatus for processinga transaction, the apparatus comprising: an input/output mechanismconfigured to receive, from a first participant in the transaction, arequest to process the transaction using a first currency that is notrecognized by a second participant in the transaction, wherein the firstcurrency comprises a private currency; and a transaction processorcommunicatively coupled to the input/output mechanism, wherein thetransaction processor is configured to: decrement an amount of the firstcurrency associated with the first participant, in response to therequest from the first participant, by decrementing a balance of a firstcurrency account of the first participant; increment an amount of secondcurrency associated with the first participant by incrementing a balanceof a second currency account of the first participant, wherein thesecond currency is recognized by the second participant; process thetransaction using the amount of second currency associated with thefirst participant; and determine the amount of second currencyincremented based upon at least a set of one or more conversioncriteria; wherein the set of one or more conversion criteria includes atime at which the request from the first participant is received. 22.The apparatus as recited in claim 21, wherein the transaction processoris further configured to determine the amount of second currency to beincremented based upon at least the amount of first currencydecremented.
 23. The apparatus as recited in claim 21, wherein the setof one or more conversion criteria includes one or more attributes ofthe first participant.
 24. The apparatus as recited in claim 21, whereinthe set of one or more conversion criteria includes one or moreattributes of the second participant.
 25. The apparatus as recited inclaim 21, wherein the set of one or more conversion criteria includesone or more attributes of the transaction.
 26. The apparatus as recitedin claim 25, wherein the set of one or more conversion criteria includeswhich products or services are involved in the transaction.
 27. Theapparatus as recited in claim 21, wherein the transaction processor isfurther configured to decrement the balance of the first currencyaccount and increment the balance of the second currency account as anatomic transaction.
 28. The apparatus as recited in claim 21, whereinthe transaction processor is further configured to increment the balanceof the first currency account of the first participant by the amount offirst currency that was previously decremented if the transaction is notsuccessfully processed.
 29. The apparatus as recited in claim 28,wherein the transaction processor is further configured to decrement thebalance of the second currency account of the first participant by theamount of second currency that was previously incremented.